Verify that your idea was successfully staked by LOCI to the blockchain

Ideas are constantly bought, sold, and unfortunately, stolen. For example, the idea for the telephone was created by a man named Antonio Meucci. After he demonstrated his novel idea and provided proof of concept to a company, the company did not contact him back and later reported they had lost his proof of invention. Fast forward a few years, and an ex-company employee claimed the telephone patent and received credit for all of Meucci’s hard work. *cough* Alexander Graham Bell.

Enter LOCI. We’re a team of creatives, developers, and doers, focused on unlocking global innovation in a smarter, more efficient manner. LOCI’s mission encompasses:

• Creation and growth of a revolutionary invention process that enables innovators to better find and stake their ideas using blockchain technology
• Utilization of LOCI utility tokens for the creation, buying, and selling of intellectual property, and to become a global cryptocurrency that will become the standard valuation metric of all intellectual property (IP)
• Development of commercialization vehicles for development or licensing of inventions
• Facilitation of an idea marketplace for bidding on IP akin to an “eBay for Ideas”
• Construction of mechanisms and social networks to incentivize and make IP development easier
• Deployment of an innovative economic model that fosters the growth of an inventor ecosystem

With an extremely low cost to conduct unlimited patent searching and use of blockchain technology, inventors like Antonio Meucci would be able to claim what is rightfully theirs.

So how can we confirm that ideas and inventions staked through LOCI are clearly written onto the blockchain?

First, create a free account at www.locisearch.com.

Second, gather your prior art and submit your invention into LOCI’s secure and easy-to-use Platform.

Third, run an Invention Analysis to determine the novelty of your idea, learn how patentable it is, and understand where your invention fits in the world of inventions.

Fourth, once you obtain a LOCI Score of 40 or above, you’ll have several options to take action on your novel idea.

One prudent action you can take next is to post your idea to the blockchain.

Now: Congratulations! You made it all the way through the invention process. You’re now the proud owner of an invention that’s been staked on the blockchain.

What Does This Mean?

Staking your invention on the blockchain means three things:

1. You have verifiable proof that you came up with your invention at a specific time and date.

2. It may act as a disclosure event that gives you priority when you file your patent application.

3. It allows you to transfer the ownership of the invention without having a patent.

How Do You Prove It?

First let’s understand the key items that are actually posted to the blockchain:

1. Your User ID
2. The ID of your invention in LOCI
3. The hash of the text of your invention
4. Timestamp of when you posted the invention

What does hash mean?

Hashing is your friend. In this particular case, hashing your invention text means that we are converting your invention description into a cryptographic representation, in the form of a short sequence of letters and numbers. For example, you can write 1000 pages of inventions, and hashing can reduce it to only 256 characters. In other words, your invention text is hidden in a way that cannot be altered by another person or machine. Changing even one character of the original text would create a dramatically different hash, and thus would not match what is posted to the blockchain.

Why do we hash your invention before posting it?

Because we need a way to post your invention without divulging too much information about it to the public. Since a hash represents the body of your invention, it is essential that we post it in a way that isn’t human readable, and can’t be altered or reversed.

Let’s see how it works.

Here you can see a link to view the transaction on the blockchain where the invention was posted and the date on which it was posted.

The link leads you to a site called Etherscan that enables us to view all transactions that occur on the Ethereum blockchain. Here we can see the identification number of the invention (_claimID) and the hash of your invention (_disclosureHash).

In this example we are using the Ropsten test network, but Loci is fully deployed and working on the main Ethereum Network.

This is exactly what was staked on the blockchain. So now we can prove that it matches the text of your invention.

Back on the LOCI inventions page, we can click verify stake to check that the text of our invention matches the hash that was posted to the blockchain.

Since the most secure form of hashing is called “destructive hasing”, we can’t “decode” what was staked to reveal the original text. Therefore, the only way to verify the integrity of the hash is to use the original text to recreate it.

Changing even one character of the original text would create a dramatically different hash, and thus would not match what is posted on the blockchain.

Using the verify invention popup shown below, you can take your invention text and check that it matches the hash that was posted.

Congratulations! Your invention matches the hash that was staked on the blockchain. You can now rest easy knowing that your invention was securely staked on the Ethereum Blockchain.